Bitcoin drops to 6-week lows in hours following $650M crypto liquidations in 24-hour
Bitcoin has dropped to its lowest levels since the second week of October after a hefty $5,000 red daily candle.
Bitcoin shed almost $5,000 in a single day on Nov. 26 as bulls faced fresh disappointment.
Data from the leading markets followed BTC/USD as it headed towards $54,000 at the time of publication amid intense volatility. The market saw major selling pressure after coming within inches of $60,000.
Bitcoin is back at its lowest since mid-October and firmly vindicating those who assumed that the current break from bullish upside was not yet over.
Anyone too enthusiastically betting on corrective moves being over was feeling the pain Friday, however, as 24-hour cross-crypto liquidations passed $630 million.
As usual, altcoins did not respond well to Bitcoin's fall, with many major tokens outperforming BTC against the U.S. dollar in terms of losses. Ether (ETH) shed 5.8% compared to Bitcoin's 4.8%, with others seeing closer to 10% erased from spot price on the day.